Jobs: 203,000 added in Nov, Unemployment rate 7% - There will be much gnashing of teeth & rending of
garments in Republican salons today. THe good economic data suggests we may be on our way to digging ourselves out of this Republican Dystopia of a lethargic recovery from the Republican Trickle Down-Deregulation disaster. All the GOP efforts to kill any recovery before it could begin by filibustering virtually every economic stimulus bill and demanding cuts to Government programs as the price for NOT causing a Government shutdown or default on the public debt - while certainly slowing the recovery by at least two years, seems to finally be failing to entirely kill off an economic recovery. Score one for America and one against the GOP - at last!
[font size="3"]
U.S. economy adds 203,000 jobs November; unemployment rate down to 7 percent[/font]
The Labor Department report also showed that the unemployment rate fell to 7 percent — the lowest level in five years. The decline reflected a pickup in hiring rather than a shrinking labor force, which has pushed down the jobless rate in previous months. An estimated 455,000 people joined the job market in November.
~~
~~
“This is just a clean sweep,” said Stuart Hoffman, chief economist for PNC Financial Services Group. “It’s a very good report. It’s across the board.”
~~
~~
Strong data from the labor market signal that the private sector is healing despite the head winds from Washington, potentially prompting the Fed to pull back on its stimulus sooner rather than later. Government spending cuts and higher taxes enacted at the beginning of the year depressed gross domestic product growth by as much as 1.5 percentage points, analysts say.
Many economists worried that the federal government shutdown and partisan gridlock over the national debt limit this fall would throw a new wrench into the recovery’s momentum. But data over the past two months showed that businesses continued to hire at a rapid clip, manufacturing activity increased and consumers spent more.
(more)
= new reply since forum marked as read
Now the economy will surge in time for the 2014 elections. I hope.
